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Technology Stocks : America On-Line (AOL)
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To: Bridge Player who wrote (19978)6/3/1999 10:49:00 PM
From: Captain Leap  Read Replies (1) of 41369
 
I agree! I think Greenspan has done a masterful job. By making the Fed more open, the market can correct itself (vs. the Fed playing with rates directly). The Fed doesn't create unnecessary volatility by meddling with rates as often. It plays more of a stablizing role with its other tools. Certainly, pre-Greenspan Fed's have contributed to the business cycle.

So is the business cycle dead because of a new paradigm...probably not, but the Fed can't admit that they are in fact responsible for making it go away for awhile, at least.

Captain Leap
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